Table 3.

First-Stage Probit Estimates of Sample Selection

	Model 1
	Inclusion in Final Sample
CEO power	−0.02
	(0.116)
Organizational complexity	−0.02
	(0.031)
Board leadership demands	−0.02
	(0.046)
TMT power	0.06
	(0.000)
Non-executive board chair t-1	−3.37
	(0.000)
CEO duality t-1	−3.11
	(0.000)
Insider CEO	0.37
	(0.000)
Chair ownership	−0.88
	(0.006)
Chair's role tenure	−0.03
	(0.000)
Chair's board tenure	0.01
	(0.000)
Board independence	−0.79
	(0.000)
Lead independent director present	0.00
	(0.997)
R&D intensity	−0.09
	(0.663)
Industry instability	−0.00
	(0.680)
Executive board chair industry frequency	3.72
	(0.000)
Constant	2.59
	(0.000)
Year dummies	Included
Observations	10,420
Pseudo R2	0.21

Note: Robust p values are in parentheses.